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Wills, Trusts, and Estate Planning

Estate planning is the process of preparing assets to be inherited by others. It is important to have your assets in order so that family disputes can be avoided.

Estate planning involves designating a person or a representative to manage and distribute your property after your death. The representative is responsible for following the instructions you outline in your will or trust documents.

The estate planning process In addition, the process also involves naming an adult guardian to help a person manage their affairs in case that person becomes incapacitated.

Everybody needs a will, but not everyone knows what a will is and how a will works. There are very few legal requirements to draft a will or trust, but an invalid will could be costly to your property and would go to intestate.

Family members who don't like what they receive from a will often contest the will's validity. When this happens, the legal conflict goes to a probate court to resolve the conflict and identify where the deceased person’s property belongs.

Whenever a person dies, his or her estate needs to be gathered and managed. Estate administration involves collecting the property of the estate, paying the decedent's debts and taxes, and distributing the remaining property according to the will or trust. Without a basic understanding of the estate administration procedure, the whole experience can be complicating.

Charitable giving can be a beneficial tax break for a donor and his or her heirs. It can be done both in life and in death, and it is most commonly done via a will or trust. Charitable giving is also a great way to help out an important charitable cause.